Bybit Repays Bitget's 40,000 Ethereum Loan Days Post-Hack

user avatar

by Giorgi Kostiuk

2 years ago

This week, Bybit, a cryptocurrency exchange, suffered a hack that resulted in a $1.5 billion loss. Shortly after, Bybit managed to return the 40,000 Ethereum loan taken from Bitget, demonstrating recovery efforts and asset replacement.

The Hack on Bybit

Bybit reported a breach that led to the loss of $1.5 billion in cryptocurrency on February 21. The attacker manipulated a routine Ethereum transfer between the exchange's wallets. It was later revealed that the stolen funds were quickly moved to an unidentified address.

Your assets remain safe.Ben Zhou, CEO of Bybit

Asset Movements and Support

Following the hack, Bitget provided Bybit with a 40,000 Ethereum loan to assist with the asset shortfall, which was duly repaid. Bybit received additional loan support from other exchanges, including Binance.

Filling the Gap and Recovery

Bybit managed to replace the lost Ether and ensure full asset coverage for its clients through additional purchases. Newly audited reserve reports are slated to be published soon. The industry collaboration showcased the sector's resilience and maturity.

The hack demonstrated industry maturity and resilience.Ben Zhou, CEO of Bybit

Bybit's incident and subsequent recovery highlight the importance of swift action and industry cooperation in maintaining customer security and trust in the crypto industry.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Understanding Saffron's Vault System

Saffron's current product structure separates upfront payments from uncertain trading fees generated by Uniswap liquidity positions.

user avatarSon Min-ho

Bank Policy Institute Critiques Stablecoin Regulation

The Bank Policy Institute has renewed its criticism of the Office of the Comptroller of the Currency's final stablecoin rule, particularly regarding the treatment of third-party arrangements.

user avatarZainab Kamara

Kraken Introduces SFI Trading on October 23

On October 23, Kraken announced the addition of SFI trading, providing fresh access to a token associated with the Saffron protocol, which has undergone significant changes since its early DeFi days.

user avatarAyman Ben Youssef

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.